Presumptive taxation for small retail businesses now mandates turnover, profit and profit ratio disclosure in tax returns. The rules amend Form No.1 to add section 44AF and insert a new item requiring disclosure by companies engaged in small retail trade of total turnover from such business, profits included in business income and the profit-to-turnover percentage; a follow-up item requires a Yes/No indication if income under the presumptive provisions for business, goods carriage or retail trade is less than the amounts specified. The form also adds a field for tax credit carried forward under section 115JAA and substitutes Part IV item 7 with a consolidated table of Chapter IV deductions.
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Presumptive taxation for small retail businesses now mandates turnover, profit and profit ratio disclosure in tax returns.
The rules amend Form No.1 to add section 44AF and insert a new item requiring disclosure by companies engaged in small retail trade of total turnover from such business, profits included in business income and the profit-to-turnover percentage; a follow-up item requires a Yes/No indication if income under the presumptive provisions for business, goods carriage or retail trade is less than the amounts specified. The form also adds a field for tax credit carried forward under section 115JAA and substitutes Part IV item 7 with a consolidated table of Chapter IV deductions.
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